We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept
BullionVault

CHARTS

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Vaulted gold & silver
    • -Live order board
    • -Daily Price
    • Coins for delivery (UK)
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Vaulted gold & silver
    • ⤷
    • Live order board
    • Daily Price
  • Coins for delivery (UK)
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Prices Hit 7-Week High as US Retail Sales Surge on Stimmy Checks, China Vows to Stall Inflation

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • April 2021 (14)
  • March 2021 (26)
  • February 2021 (23)
  • January 2021 (25)
  • December 2020 (24)
More...

List of authors

Silver Price Slips, Gold Slides as ETFs Shrink Again, Suez Re-Opens, Traders Bet on 'Return to Normal'

Monday, 3/29/2021 15:46
SILVER PRICES fell back to 2-month lows and gold slumped $25 per ounce on Monday as the US Dollar again strengthened together with longer-term interest rates, and the US stock market hit volatility from the forced 'block trades' sale of $20 billion in a hedge fund's bets, writes Atsuko Whitehouse at BullionVault.
 
Oil prices dipped, pulling US benchmark WTI back towards $60 per barrel, after the Ever Given container ship was refloated in the Suez Canal, unblocking that key transit route.
 
"Silver is not doing well," says ICBC Standard Bank's former Tokyo manager Bruce Ikemizu, now chief director of the Japan Bullion Market Association.
 
Despite whipping back up to $25 late last week, "silver has been on the back foot." 
 
Silver prices today dropped 1.2% from Friday night's finish to touch $24.45 per ounce, the level reached last Thursday.  
 
Gold prices meantime sank at the start of US trade, plunging to below $1707 after making its first weekly loss in three.
 
The Dollar index – a measure of the US currency's value versus its major peers – rose to new 4-month highs. 
 
"Overall, silver remains stuck in a very wide $22.50 to $30 range," says derivatives platform Saxo Bank's commodity strategist Ole Hansen, "but given its high beta and continued Dollar strength, the metal is risking another speculative clearance before eventually it finds renewed support, which we believe it will."
 
iShares' giant silver ETF trust (NYSEArca: SLV) continued to see net outflows of investor money last Friday, marking its 8th consecutive weekly liquidation and now shrinking by 15.7% from the record size achieved on the Reddit silver-squeeze campaign.
 
Chart of the iShares SLV silver trust, tonnes of backing. Source: BullionVault
 
The two largest US gold-backed ETF trust funds also shrank, with the SPDR Gold Trust (NYSEArca: GLD) now shrinking for 11 weeks running and the iShares gold ETF (NYSEArca: IAU) seeing net investor outflows of 4.5% from its peak in November.
 
Hedge funds and other speculative traders in Comex gold futures and options raised their bullish betting on the yellow metal in the week to last Tuesday according to data published by US regulator the Commodities Futures Trading Commission (CFTC), reaching the largest net long position in 3 weeks.
 
In contrast, speculators raised their bearish betting against silver to the largest in 14 months, and cut their bullish positions for the 4th week in a row to a 7-month low.  
 
Overall, that pushed the net long position of Managed Money traders in Comex silver futures and options to the smallest in 10 months.
 
Back in the oil market, rumor today says Russia will now support a rollover to May of the output curbs agreed by members of the Opec+ oil cartel at this Thursday's meeting.
 
Ten-year US Treasury yields rose to 1.69%, with investors " betting on a return to normal life" according to Bloomberg.
 
Benchmark 10-year UK Gilt yields rose to pre-pandemic levels at 0.78% as England joined Wales and Scotland in allowing people to meet with other households outdoors.
 
The pan-European Stoxx 600 index rose 0.3%, tracking gains in Asian equities, but US stock markets fell at the New York opening as major investment banks continued trying to liquidate telecom and media shares held by Archegos Capital Management, which reportedly failed to meet margin payments on its heavily leveraged bets last week.
 
The UK gold price in Pounds per ounce fell Monday to 2-week lows beneath $1240 per ounce, while Euro gold dropped near 1-week lows at €1450.
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo

Atsuko Whitehouse is the Head of the Japanese Market at BullionVault and the Editor of Japanese GoldNews.

See all articles by Atsuko Whitehouse here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
2 March 2021

Silver Investor Index

Silver beats gold again

 

 

 

LBMA webinar
21 January 2021

LBMA

London gold trading

 

 

 

Bloomberg TV
1 February 2021

Bloomberg TV

r/silver-surge

 

 

 

ET Now
3 March 2021

Gold drop

Gold's big drop

 

 

 

  •  Email us

Market Fundamentals

  • Central-Bank Gold Buying 'Moderate' But 'Highly Symbolic' in 2021
  • Green Energy: Platinum Key to New 'Hydrogen Catapult'
  • 2021 Gold Price to Rise 11.5%: LBMA Forecast
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • LinkedIn
  • YouTube

Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

Secure auto-logout warning

You have not been active for some time.

For your security you will be logged out in   minutes unless you take action.